The Bank of England has decided to hold interest rates at their current level of 4 per cent.
Economists widely expected the base rate, which has a large bearing on mortgage costs and savings interest for consumers, to be kept the same.
But there was not a consensus - with five of the nine economists on the Bank's Monetary Policy Committee (MPC) voting to cut rates.
Interest rates were last cut by the MPC from 4.25 per cent back in August.
The base rate reached its peak of 5.25 per cent in August 2023 in response to high inflation and has been reduced five times since then.
Experts broadly expect inflation to remain well above the 2 per cent target for the rest of the year.
But the Bank of England said inflation had "peaked" in its latest report, and will likely fall from now on.
It currently stands at 3.8 per cent in September's figures, which are the most recent available.
Economic forecasters are split as to whether there will be further interest rate cuts this year, though today's close vote means more are starting to expect a cut at the final meeting in December.
Assuming the Budget goes "as expected", James Smith, UK developed markets economist at ING, thinks a December rate cut now looks "more likely than not".
Others are more cautious. Recent polling by Reuters has revealed a small majority of economists expect no further policy easing this year.
Almost 87 per cent of respondents, 53 of 61, forecast the Bank would hold its base rate at 4 per cent in November.
Just over half, 34 of 63, expected the bank rate to remain steady this year, a shift from September's survey when around 70 per cent anticipated at least one reduction this quarter. The remaining predicted one cut by December.
Given today's decision was widely expected, it's likely to mean little for the mortgage market in the short term.
David Hollingworth of L&C Mortgages said the fact that the outlook for rates has improved has already reduced the costs of funds for lenders and there has been a raft of cuts to fixed rates already.
Speaking to The i Paper, he said: "Most major lenders have trimmed back their rates in the last couple of weeks. The expected cuts to base rate are therefore already being priced into fixed mortgage deals."
Around four in five mortgage holders are on fixed-rate mortgages, where the interest rate is locked for a set period of time.
These rates are based on swap rates, which follow long-term predictions for where the base rate will go in the future.
Easy access savings rates can change at any point, although they tend to move depending on interest rate rises and falls.
However, if you have a fixed-rate account, the interest rate is set for the period of time the account is fixed for, so it will be unaffected by the news from the Bank.
The best easy access savings rate on the market at the moment is Monument Bank's 4.51 per cent account, which includes a one-year 0.74 per cent fixed bonus on top of its 3.77 per cent variable rate. You need a £25,000 minimum deposit for the top rate though.
Ulster Bank, part of NatWest, pays 4.5 per cent, including a one-year 2.75 per cent fixed bonus on top of its 1.75 per cent variable rate. This account requires a £5,000 minimum deposit and it matures after one year, after which it will close, and your deposit will be moved to a likely lower-paying account.
Mark Hicks, head of active savings at Hargreaves Lansdown, said: "The best rates across the board have been holding on impressively over the past few weeks, particularly in the easy access savings and cash ISA markets, where significant competition among online banks and savings platforms has seen the best rates stay high - and in some cases the best on the market has actually crept up a little."
But he said today's minutes could put these rates under pressure.
He continued: "Noises from the Bank about the potential for future cuts could also mean some movement from fixed rate savings.
"It means anyone who is planning to fix their savings for a period might want to take advantage while so many great rates remain."